BAKU, Azerbaijan, June 21. Azerbaijan's PASHA Life Insurance company is working on new solutions for the insurance market, the company's CEO Niyaz Ismayilov said, Trend reports.
He made the remark during a panel discussion themed "Bancassurance is a distribution channel to accelerate and increase insurance penetration" on the second day of the Azerbaijan International Insurance Forum 2024 (AIIF-2024) today in Baku.
"Our country offers various channels, but the market is currently quite empty as only a small fraction of customers actually utilize insurance services. We are currently offering life insurance for borrowers and are focused on revitalizing our products. It is crucial to thoroughly study the customer experience in order to gain a deep understanding of their needs and effectively utilize data analytics. The approach to product creation is undergoing a noticeable transformation. We are confident in the strong potential of our market and the appeal our products hold for customers," he pointed out.
According to him, a global digital revolution is in full swing, and the company is gearing up to jump on the digital bandwagon next year.
"Both insurance companies and banks need IT infrastructure. We believe in our capabilities. This should be a common goal for both banks and insurance companies. Leading insurance companies and banks have these offerings available, and the rest of the market needs to follow the new trend," he added.
To note, the Azerbaijan International Insurance Forum is being held in Baku, on June 20-21.
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